Core Viewpoint - Reservoir Media, Inc. reported quarterly earnings of $0.04 per share, matching the Zacks Consensus Estimate, with revenues of $41.42 million, exceeding expectations by 1.17% [1][2]. Financial Performance - The company’s earnings of $0.04 per share are consistent with the same quarter last year, while it previously surprised with earnings of $0.08 per share against an expectation of $0.03, marking a 166.67% surprise [1]. - Revenues for the quarter ended March 2025 were $41.42 million, up from $39.15 million year-over-year [2]. Market Performance - Reservoir Media shares have declined approximately 13.8% since the beginning of the year, contrasting with the S&P 500's gain of 0.7% [3]. - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $37.81 million, and for the current fiscal year, it is $0.18 on revenues of $170.02 million [7]. - The trend of estimate revisions for Reservoir Media is mixed, which may change following the recent earnings report [6]. Industry Context - The Media Conglomerates industry, to which Reservoir Media belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8].

Financial Performance - Total revenue for fiscal year 2025 was $158.7 million, representing a 10% increase compared to $144.9 million in fiscal year 2024[9] - Music Publishing revenue increased by 12% year-over-year to $107.4 million, while Recorded Music revenue grew by 4% to $44.3 million[9] - Operating income for fiscal year 2025 was $35.1 million, a 43% increase from $24.6 million in fiscal year 2024[11] - OIBDA for fiscal year 2025 rose 24% to $61.4 million, compared to $49.6 million in the previous year[11] - Net income for fiscal year 2025 was $7.7 million, or $0.12 per diluted share, compared to $0.8 million, or $0.01 per share, in fiscal year 2024[12] - For the fiscal year ended March 31, 2025, Reservoir reported revenues of $158.7M, a 10% increase from $144.9M in the previous year[29] - Operating income for the fiscal year 2025 was $35.1M, reflecting a significant 43% increase compared to $24.6M in fiscal year 2024[29] - Net income attributable to Reservoir Media, Inc. for fiscal year 2025 was $7.7M, up from $644.9K in fiscal year 2024[29] - OIBDA for the fiscal year ended March 31, 2025, was $61,360,000, up from $49,562,000 in 2024, reflecting a year-over-year increase of 23.8%[41] - Net income for the fiscal year ended March 31, 2025, was $7,731,000, significantly higher than $837,000 in 2024, indicating a substantial increase of 832.5%[46] Cash Flow and Liquidity - Cash provided by operating activities increased to $45.3 million, up $9.1 million from the previous fiscal year[19] - As of March 31, 2025, total available liquidity was $79.6 million, compared to $132.3 million as of March 31, 2024[20] - Cash and cash equivalents increased to $21.4M as of March 31, 2025, up from $18.1M in the prior year[30] Future Projections - The company expects mid-single-digit growth for both top and bottom lines in fiscal year 2026[1] - Reservoir expects fiscal year 2026 revenue to be in the range of $164M - $169M, representing a 5% growth at the mid-point[21] - Adjusted EBITDA for fiscal year 2026 is projected to be between $68M - $72M, indicating a 6% growth at the mid-point[21] Assets and Liabilities - Total assets as of March 31, 2025, were $865.1M, an increase from $783.5M as of March 31, 2024[30] - Current assets increased to $79.3M as of March 31, 2025, compared to $70.9M in the previous year[30] - Total liabilities rose to $498.9M as of March 31, 2025, from $429.0M a year earlier[32] Operational Highlights - The company signed multiple publishing deals, including with Snoop Dogg and Death Row Records, and acquired several publishing catalogs[4] - The launch of the new subsidiary, PopIndia, aims to enhance the company's international presence, particularly in the Middle East and North Africa[6] Non-GAAP Measures - Reservoir's management emphasizes the importance of non-GAAP financial measures for evaluating operations and performance[34] - The company emphasizes that OIBDA and Adjusted EBITDA are non-GAAP measures that provide insights into operational performance, but they should not be viewed as substitutes for GAAP measures[38] Interest and Expenses - The company reported an interest expense of $21,883,000 for the fiscal year ended March 31, 2025, compared to $21,088,000 in 2024, indicating a rise of 3.8%[46] - The amortization and depreciation expense for the fiscal year ended March 31, 2025, was $26,299,000, up from $24,986,000 in 2024, representing an increase of 5.2%[41] Segment Performance - The recorded music segment's OIBDA for the fiscal year ended March 31, 2025, was $22,749,000, up from $19,141,000 in 2024, which is an increase of 13.6%[44] - The music publishing segment's OIBDA for the fiscal year ended March 31, 2025, was $37,345,000, compared to $28,884,000 in 2024, reflecting a growth of 29.3%[42]

Core Insights - Gabelli Funds will host its 17th Annual Media & Entertainment Symposium on June 5, 2025, at the Harvard Club in New York City, focusing on industry dynamics, current trends, and business fundamentals [1] - The symposium will include discussions on Sports Investing, Media & Telecom Regulatory issues, and Advertising Panels, providing a platform for attendees to engage with leading companies in the media ecosystem [1][3] - A webcast option will be available for those unable to attend in person, ensuring broader access to the discussions and insights shared during the event [1] Presenting Companies - Notable companies participating in one-on-one meetings include Atlanta Braves Holdings, AMC Networks, Lionsgate Studios, Churchill Downs, Nexstar Media Group, Genius Sports, Reservoir Media, Gray Television, Rogers Communications, Live Nation Entertainment, Sinclair Inc., Sportradar Group, TEGNA Inc., TKO Group, and The E.W. Scripps Company [2] Panel Discussions - The symposium will feature several panel discussions, including "Sports Investing: Ways to Play," a TV Bureau of Advertising (TVB) Panel, and a Media & Telecom Regulatory Expert Session led by former FCC Commissioner Rob McDowell [3]

Core Viewpoint - Reservoir Media, Inc. (RSVR) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, which reflects the changing earnings picture of a company [1][2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [4][6]. Company Performance Indicators - For the fiscal year ending March 2025, Reservoir Media is expected to earn $0.11 per share, representing a significant increase of 1000% from the previous year's reported number [8]. - Over the past three months, the Zacks Consensus Estimate for Reservoir Media has increased by 57.1%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Reservoir Media to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Core Viewpoint - Reservoir Media, Inc. (RSVR) shows significant upside potential with a mean price target of $13.50, indicating a 66.1% increase from the current price of $8.13 [1] Price Target Analysis - The average price target consists of three estimates ranging from $12.50 to $15, with a standard deviation of $1.32, suggesting a consensus among analysts [2] - The lowest estimate indicates a 53.8% increase, while the highest suggests an 84.5% upside [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement [7] Earnings Estimates and Analyst Sentiment - Analysts have shown increasing optimism about RSVR's earnings prospects, as evidenced by a positive trend in earnings estimate revisions [9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 57.1%, with two estimates moving higher and no negative revisions [10] - RSVR holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - While price targets are a common tool for investors, they can often mislead and should not be the sole basis for investment decisions [5][8] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6]

Financial Data and Key Metrics Changes - Total revenue for the third quarter was $42.3 million, representing a 19% improvement year-over-year, driven by a 16% increase in music publishing revenue and a 20% increase in recorded music revenue [8][21] - Adjusted EBITDA was $17.3 million, reflecting a 26% improvement from the same quarter last year [8][23] - Net income for the quarter was approximately $5.3 million, compared to a net loss of $2.9 million in the same quarter of fiscal 2024 [24] Business Line Data and Key Metrics Changes - Music Publishing revenue increased 16% year-over-year to $26.9 million, primarily due to revenue growth from the existing catalog and a 20% increase in digital revenue [26][27] - Recorded music revenue rose by 20% year-over-year to $12 million, driven by a royalty recovery related to underreported usage and price increases at multiple music streaming services [27][28] Market Data and Key Metrics Changes - Reservoir took the sixth largest market share of top radio airplay and the eighth largest share of the Billboard Hot 100 [17] - Catalog streams in the United States continue to eclipse current music, representing over 73% of all on-demand audio streams [15] Company Strategy and Development Direction - The company is focused on growing and diversifying its portfolio of music and roster of creators through off-market deals [9][10] - Reservoir has deployed over $70 million across catalog acquisitions and expects to remain active in the market [10][11] - The company aims to build scale and grow its business through thoughtful capital deployment [64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust pipeline of off-market deals and the potential for ongoing revenue growth from royalty recoveries [37][61] - The company raised its full-year revenue guidance range from $150 million to $153 million to $155 million to $158 million, indicating an expected growth of 8% versus fiscal 2024 [30] Other Important Information - The company celebrated six wins at the 2025 Grammy Awards, highlighting the success of its affiliated talent [18] - Total liquidity as of December 31, 2024, was $92 million, consisting of $17.8 million in cash and $74.2 million available under its revolver [29] Q&A Session Summary Question: Were there any one-time items included in the outsized administrative expenses? - Management noted that the increase in operating expenses was primarily due to compensation for artist managers, which correlates with higher revenue [35] Question: Any updates on the pipeline for catalog acquisitions? - Management confirmed that the pipeline remains robust with a focus on off-market deals [37] Question: Insights on the Spotify Universal deal and its implications for Reservoir? - Management expressed optimism about the deal's terms and its potential industry-wide implications, though they did not have specific insights related to Reservoir [39] Question: Can you discuss the guidance implying a sequential decline in the usually strong quarter? - Management acknowledged that while there are one-time impacts, they build in conservatism in their guidance [46] Question: What drives the neighboring rights revenue issues? - Management explained that neighboring rights revenue can be impacted by the timing of hits and periodic retroactive cleanups, leading to variability [49] Question: How much of the debt is hedged and for how long? - Management stated that approximately $150 million of their debt is hedged, which extends through the current maturity of their facility in December 2027 [51] Question: Any changes to the deal pipeline given macroeconomic conditions? - Management indicated that there are no significant changes to the deal pipeline, which remains strong with high-quality assets [54]

Financial Performance - Revenues for the three months ended December 31, 2024, increased by $6,828,000, or 19%, to $42,304,000 compared to $35,476,000 for the same period in 2023[75]. - Operating income for the three months ended December 31, 2024, rose by $3,036,000, or 47%, to $9,558,000 compared to $6,522,000 for the same period in 2023[75]. - Net income attributable to Reservoir Media, Inc. for the three months ended December 31, 2024, was $5,244,000, an increase of $8,207,000 compared to a net loss of $2,963,000 for the same period in 2023[75]. - Total revenues increased by $6,828 thousand, or 19%, for the three months ended December 31, 2024, compared to the same period in 2023, driven by a 16% increase in Music Publishing revenue and a 20% increase in Recorded Music revenue[76][77]. - Digital revenues rose by $4,277 thousand, or 21%, during the three months ended December 31, 2024, representing 59% of total revenues[78]. - Music Publishing revenues increased by $3,749 thousand, or 16%, during the three months ended December 31, 2024, primarily due to price increases at music streaming services and acquisitions of new catalogs[80]. - Recorded Music revenues grew by $1,965 thousand, or 20%, during the three months ended December 31, 2024, aided by a royalty recovery related to underreported usage[82]. - Total revenues for the nine months ended December 31, 2024, increased by $11,578 thousand, or 11%, with Music Publishing revenues representing 68% of total revenues[84]. - Total digital revenues for the nine months ended December 31, 2024, increased by $10,726 thousand, or 18%, accounting for 59% of consolidated revenues[85]. - Net income for the three months ended December 31, 2024, was $5,312 thousand, a significant improvement from a net loss of $2,861 thousand for the same period in 2023[120]. - For the nine months ended December 31, 2024, net income was $5,010 thousand compared to a net loss of $2,015 thousand during the same period in 2023, driven by improved gross margin and the nonrecurrence of legal fee write-offs[121]. Costs and Expenses - Total costs and expenses for the three months ended December 31, 2024, increased by $3,792,000, or 13%, to $32,746,000 compared to $28,954,000 for the same period in 2023[75]. - Administration expenses for the three months ended December 31, 2024, increased by $1,575,000, or 17%, to $10,964,000 compared to $9,389,000 for the same period in 2023[75]. - Cost of revenues increased by $1,846 thousand, or 14%, during the three months ended December 31, 2024, while the cost of revenues as a percentage of revenues decreased to 36%[91]. - Writer royalties and other publishing costs increased by $1,592 thousand, or 16%, during the three months ended December 31, 2024, maintaining a percentage of 44% of Music Publishing revenues[92]. - Artist royalties and other recorded music costs increased by $254 thousand, or 8%, during the three months ended December 31, 2024, with a decrease in percentage to 28% of recorded music revenues[93]. - Cost of revenues increased by $2,045 thousand, or 5%, for the nine months ended December 31, 2024, while the percentage of revenues decreased to 37% from 39%[94]. - Writer royalties and other publishing costs increased by $3,237 thousand, or 10%, for the nine months ended December 31, 2024, with costs as a percentage of Music Publishing revenues decreasing to 43% from 44%[95]. - Artist royalties and other recorded music costs decreased by $1,192 thousand, or 12%, for the nine months ended December 31, 2024, with costs as a percentage of recorded music revenues decreasing to 28% from 33%[96]. - Total administration expenses decreased by $211 thousand, or 1%, for the nine months ended December 31, 2024, with expenses as a percentage of revenues decreasing to 26% from 29%[105]. - Music Publishing administration expenses decreased by $821 thousand, or 4%, for the nine months ended December 31, 2024, with expenses as a percentage of revenues decreasing to 23% from 28%[106]. - Recorded Music administration expenses decreased by $310 thousand, or 4%, for the nine months ended December 31, 2024, with expenses as a percentage of revenues decreasing to 22% from 23%[107]. OIBDA and Margins - OIBDA increased by $3,407 thousand, or 26%, for the three months ended December 31, 2024, with an OIBDA Margin rising to 38% from 36% in the same period of 2023[127]. - Recorded Music OIBDA rose by $1,744 thousand, or 37%, for the three months ended December 31, 2024, with the OIBDA Margin increasing to 53% from 47%[129]. - Music Publishing OIBDA increased by $1,388 thousand, or 18%, for the three months ended December 31, 2024, maintaining an OIBDA Margin of 34%[128]. - OIBDA for the nine months ended December 31, 2024, increased by $9,745 thousand, or 28%, with the OIBDA Margin improving to 38% from 33% in the same period of 2023[130]. - Music Publishing OIBDA for the nine months ended December 31, 2024, increased by $7,231 thousand, or 37%, with the OIBDA Margin rising to 34% from 28%[131]. - Recorded Music OIBDA for the nine months ended December 31, 2024, increased by $2,579 thousand, or 19%, with the OIBDA Margin increasing to 50% from 44%[132]. - The company emphasizes the importance of non-GAAP financial measures like OIBDA and Adjusted EBITDA for evaluating operational performance and making strategic decisions[122]. - The increase in net income and OIBDA is attributed to improved gross margins and the absence of prior legal fee write-offs, indicating a positive trend in operational efficiency[121]. - Adjusted EBITDA for the three months ended December 31, 2024, increased by $3,599 thousand, or 26%, with an Adjusted EBITDA Margin of 41%, up from 39% in the same period of 2023[135]. Cash Flow and Debt - Cash provided by operating activities was $33,105 thousand for the nine months ended December 31, 2024, a 48% increase from $22,407 thousand in the same period of 2023[142]. - Cash used for investing activities increased to $71,930 thousand for the nine months ended December 31, 2024, compared to $47,182 thousand in the same period of 2023, primarily due to acquisitions of music catalogs[143]. - Cash provided by financing activities was $38,516 thousand for the nine months ended December 31, 2024, reflecting a 30% increase from $29,560 thousand in the same period of 2023[144]. - As of December 31, 2024, the company had $371,799 thousand in debt and $17,760 thousand in cash and cash equivalents[139]. - The company’s outstanding debt under the Senior Credit Facility was $375,828 thousand as of December 31, 2024, with remaining borrowing availability of $74,172 thousand[147]. - The Senior Credit Facility has a maturity date of December 16, 2027, and includes an accordion feature allowing for additional commitments up to $150,000 thousand[150]. - The company maintained compliance with financial covenants, including a fixed charge coverage ratio of not less than 1.10:1.00 and a consolidated senior debt to library value ratio of no greater than 0.45:1.00 as of December 31, 2024[158]. - The company did not pay any dividends to stockholders during the three months ended December 31, 2024, due to restrictions from covenants in the Senior Credit Facility[160]. Internal Controls and Governance - The company reported material weaknesses in internal controls over financial reporting, concluding that disclosure controls were not effective as of December 31, 2024[168]. - The company is actively working on a remediation plan to address material weaknesses, including hiring additional accounting personnel and improving risk assessment activities[169]. - No off-balance sheet arrangements were reported as of December 31, 2024, reflecting a straightforward financial position[165]. - The company is committed to ensuring that improved processes and controls are effectively designed and implemented in future periods[170]. - Management does not expect that disclosure controls will prevent all errors and fraud, highlighting inherent limitations in control systems[173]. - The evaluation of the effectiveness of new and redesigned controls is ongoing, with management monitoring remediation plans[171]. - The company has retained third-party experts to assist with complex technical accounting issues, indicating a proactive approach to financial governance[169]. - There have been no changes in internal control over financial reporting that materially affected the company during the three months ended December 31, 2024[172]. - As of December 31, 2024, there have been no material changes in contractual obligations since March 31, 2024[162]. - There have been no material changes to critical accounting policies since March 31, 2024, indicating stability in financial reporting practices[163].

Core Insights - Reservoir Media, Inc. (RSVR) reported quarterly earnings of $0.08 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, compared to break-even earnings per share a year ago, resulting in an earnings surprise of 166.67% [1] - The company posted revenues of $42.3 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 14.46%, and showing an increase from year-ago revenues of $35.48 million [2] - Reservoir Media shares have underperformed the market, losing about 10.2% since the beginning of the year, while the S&P 500 has gained 2.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $40.68 million, and for the current fiscal year, it is $0.07 on revenues of $152.62 million [7] - The estimate revisions trend for Reservoir Media is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Industry Context - The Media Conglomerates industry, to which Reservoir Media belongs, is currently in the top 35% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8] - Another company in the same industry, Endeavor Group (EDR), is expected to report quarterly earnings of $0.36 per share, reflecting a year-over-year change of +125%, with revenues anticipated to be $1.5 billion, down 5% from the year-ago quarter [9][10]

Financial Performance - Total revenue for Q3 FY25 was $42.3 million, a 19% increase year-over-year, with organic growth of 16%[6] - Operating income for Q3 FY25 was $9.6 million, a 47% increase from $6.5 million in Q3 FY24[7] - OIBDA for Q3 FY25 was $16.3 million, reflecting a 26% year-over-year growth[7] - Net income for Q3 FY25 was $5.3 million, compared to a net loss of $2.9 million in the prior year[8] - Adjusted EBITDA increased by 26% to $17.3 million in Q3 FY25[7] - Revenues for the three months ended December 31, 2024, increased by 19% to $42,303,716 compared to $35,476,172 in 2023, while revenues for the nine months increased by 11% to $117,287,952 from $105,710,058[32] - Operating income for the three months ended December 31, 2024, rose by 47% to $9,557,957, and for the nine months, it increased by 56% to $24,641,516 compared to the previous year[32] - Net income attributable to Reservoir Media, Inc. for the three months ended December 31, 2024, was $5,244,091, a significant recovery from a loss of $2,963,059 in 2023[32] - Adjusted EBITDA for the three months ended December 31, 2024, was $16,272,000, up from $12,865,000 in 2023, while for the nine months, it increased to $44,170,000 from $34,425,000[37] - EBITDA for the three months ended December 31, 2024, was $19,789,000, significantly higher than $7,627,000 in the same period of 2023, representing an increase of approximately 160%[44] Revenue Breakdown - Music Publishing revenue rose to $26.9 million, up 16% year-over-year, driven by a 20% increase in digital revenue[10] - Recorded Music revenue increased by 20% to $12.0 million, attributed to royalty recovery and price increases at streaming services[13] Outlook and Guidance - The company raised its fiscal 2025 revenue outlook to between $155 million and $158 million, representing an 8% growth[17] Assets and Liabilities - Total assets as of December 31, 2024, were $832,366,342, an increase from $783,534,568 as of March 31, 2024[34] - Cash and cash equivalents decreased slightly to $17,760,030 from $18,132,015 as of March 31, 2024[34] - Total liabilities increased to $471,583,398 from $429,049,587 as of March 31, 2024, primarily due to an increase in secured line of credit[34] - The total current assets increased to $73,997,365 as of December 31, 2024, from $70,908,320 as of March 31, 2024, indicating improved liquidity[34] Other Financial Metrics - The company reported a basic earnings per share of $0.08 for both the three and nine months ended December 31, 2024, compared to a loss per share of $0.05 in the same periods of 2023[32] - Interest expense for the three months ended December 31, 2024, was $5,777,000, compared to $5,372,000 in the same period of 2023, indicating an increase of about 7.5%[44] - The company recorded a loss on foreign exchange of $76,000 for the three months ended December 31, 2024, compared to no loss in the same period of 2023[44] - Non-cash share-based compensation for the nine months ended December 31, 2024, was $3,334,000, up from $2,540,000 in the prior year, reflecting an increase of about 31%[44] - The company reported a gain on the disposal of an equity investment during the three months ended December 31, 2024, contributing to overall financial performance[46] - The loss on fair value of swaps for the three months ended December 31, 2024, was $(3,085,000), compared to a gain of $4,248,000 in the same period of 2023[44] - Income tax expense for the three months ended December 31, 2024, was $1,987,000, compared to a benefit of $(1,227,000) in the same period of 2023[44] - The company experienced a one-time write-off of recoupable legal fees amounting to $2,695,000 in the nine months ended December 31, 2023[46] Strategic Developments - Acquired the publishing catalog of Lastrada Entertainment, enhancing the company's portfolio with Grammy-winning titles[5] - Expanded relationships with notable artists and producers, including a deal with composer Lebohang Morake[5]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $40.7 million, up 6% year-over-year, with adjusted EBITDA of $17.6 million, an 11% increase compared to the previous year [5][11] - Net income for the quarter was approximately $200,000, down from $700,000 in Q2 2024, primarily due to a loss on the fair value of swaps [13] - Total costs decreased by 5% year-over-year, driven by a 20% reduction in administration expenses [12] Business Line Data and Key Metrics Changes - Music Publishing revenue increased by 10% to $28.6 million, supported by acquisitions and price increases at streaming services [14] - Recorded Music revenue declined by 1% to $10.7 million, attributed to decreased physical revenue from prior successful releases [14] Market Data and Key Metrics Changes - The company reported a strong performance in synchronization revenue, which was positively impacted by timing of licenses [12][30] - Demand for sync licenses was primarily driven by advertising, with film and trailers also contributing [32] Company Strategy and Development Direction - The company continues to focus on acquiring legendary and evergreen catalogs as part of its long-term growth strategy [9] - Reservoir Media is actively investing in emerging markets, particularly in the Middle East and North Africa, to enhance organic growth opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline of over $1 billion in transactions under consideration, indicating a positive outlook for the remainder of the fiscal year [10][19] - The company is raising its revenue guidance range to $150 million to $153 million, reflecting nearly 5% growth compared to fiscal 2024 [15] Other Important Information - The company signed significant deals with high-profile artists, including Snoop Dogg and k.d. lang, enhancing its talent roster [6][7] - The company has seen a substantial increase in the revenue of classic tracks, demonstrating the ongoing value of its catalog [9] Q&A Session Summary Question: Regarding Publishing margins and sustainability - Management indicated that margin improvements are influenced by revenue mix and types of deals closed, suggesting variability from quarter to quarter [18] Question: Outlook on the deal pipeline - Management confirmed a strong pipeline with good visibility and attractive opportunities for the remainder of the fiscal year [19] Question: Factors differentiating Reservoir in acquiring high-profile deals - The company attributes its success to a high-quality creative team and strong personal relationships with talent [22] Question: International deal sourcing differences - Management emphasized the importance of having local teams on the ground to understand regional nuances and build relationships [23] Question: Impact of swaps charge on financials - Management explained that the fair value of swaps is marked-to-market and that they expect less volatility going forward [24] Question: Impact of streaming price increases on revenue - Management noted that price increases are quickly reflected in revenue, although international markets may experience delays [25][26] Question: Adjusted EBITDA and liquidity access - Management confirmed full access to their revolver and supportive lenders, indicating no immediate plans to expand the facility [28]